# Table 3: Demographics and Aggregate Gross Positions

| Variable | Full: gross_assets_gdp | Full: gross_liab_gdp | Full: gross_ifi | Full: nfa_gdp | OECD: gross_assets_gdp | OECD: gross_liab_gdp | OECD: gross_ifi | OECD: nfa_gdp |
|:---|---:|---:|---:|---:|---:|---:|---:|---:|
| Z_1 | -68.8125 | 123.2635 | 54.4509 | -0.1278 | -1284.7206** | -1075.6615* | -2360.3821** | -0.8295 |
| | (319.7058) | (312.6001) | (614.8120) | (0.2279) | (552.3117) | (588.4738) | (1103.9731) | (0.6166) |
| Z_2 | 31.8594 | 1.6324 | 33.4918 | 0.0263 | 165.4196** | 146.3047* | 311.7243** | 0.0997 |
| | (48.6270) | (47.5462) | (93.5124) | (0.0341) | (75.9026) | (80.8723) | (151.7159) | (0.0841) |
| Z_3 | -1.4977 | -0.3161 | -1.8137 | -0.0013 | -5.5981* | -5.1939* | -10.7920* | -0.0033 |
| | (2.0230) | (1.9780) | (3.8903) | (0.0014) | (2.9254) | (3.1170) | (5.8474) | (0.0032) |
| fiscal_bal_gdp | -0.1799 | -0.6744** | -0.8543 | 0.0113*** | 0.5159 | -0.6566 | -0.1407 | 0.0085*** |
| | (0.2836) | (0.2773) | (0.5454) | (0.0010) | (0.4867) | (0.5186) | (0.9729) | (0.0018) |
| nfa_gdp_lag | -17.5482*** | -17.3789*** | -34.9271*** | 0.9152*** | -13.5879*** | -38.9296*** | -52.5175*** | 0.9218*** |
| | (2.7198) | (2.6594) | (5.2304) | (0.0050) | (4.5889) | (4.8894) | (9.1725) | (0.0123) |
| log_rel_opw | -43.8426*** | -35.4635*** | -79.3061*** | 0.0007 | -104.1422*** | -40.2031 | -144.3453*** | 0.0016 |
| | (10.6065) | (10.3708) | (20.3970) | (0.0078) | (27.1930) | (28.9735) | (54.3541) | (0.0233) |
| kaopen | 3.8863 | 1.0942 | 4.9805 | 0.0091** | 9.4710*** | 2.1456 | 11.6166* | 0.0003 |
| | (2.9354) | (2.8702) | (5.6450) | (0.0038) | (3.3990) | (3.6216) | (6.7941) | (0.0070) |
|:---|---:|---:|---:|---:|---:|---:|---:|---:|
| Dep var | gross_assets_gdp | gross_liab_gdp | gross_ifi | nfa_gdp | gross_assets_gdp | gross_liab_gdp | gross_ifi | nfa_gdp |
| N | 4540 | 4540 | 4540 | 4538 | 1154 | 1154 | 1154 | 1154 |
| R² | -0.0135 | 0.0230 | 0.0042 | 0.9030 | -0.0725 | 0.0067 | -0.0367 | 0.8755 |
| Countries | 164 | 164 | 164 | 164 | 37 | 37 | 37 | 37 |

*Panel GLS with AR(1) errors. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*